RAIZ INVEST LTD (RZI) - From Pocket Change To $2.32 Billion Under Management

$5 is enough to start investing, but the real question is what happens after that first deposit. We’re joined by Craig Keary, CEO of Raiz Invest Limited, to break down how an ASX listed micro investing pioneer is evolving into a broader wealth platform built for everyday Australians and the habits that make investing feel doable in real life, not just in theory.

We dig into the numbers behind the momentum: active customers growing to more than 350,000, ARPU lifting year on year, and average account balances pushing higher as markets rise and customers stay engaged. Craig walks us through the platform’s growing funds under management, including the standout performance of Jars portfolios and Kids accounts. It’s a sharp lens on what Australians are prioritising right now: goal-based saving and investing, and families helping younger people get started early, especially in a cost-of-living environment where every decision needs to count.

Superannuation also features as a core part of the proposition, with Raiz Invest Super earning strong recognition for performance and value. From there, we look forward to the FY27 product roadmap, including instant payments for live trading, access to US listed equities, and direct ASX trading through a single HIN. Craig also shares why the company is renewing its focus on acquisition, onboarding, conversion and activation, how AI capabilities and partnerships may support that push, and why “ambition” is the cultural anchor he wants driving disciplined execution.

If you’re interested in investing apps in Australia, wealth building, superannuation, and what to watch in ASX fintech, this conversation is packed with practical signals. Subscribe for more ASX Briefs, share this with a mate who’s trying to get on top of their money, and leave a review to help others find the show.

Transcript

Andrew Musgrave

Welcome back to ASX Briefs, bringing you direct access to the leaders of ASX Listed Companies. And joining me today is Craig Keary, the CEO of Raiz Invest Limited. Raiz Invest is a pioneering financial services company that offers a micro investing platform designed to help Australians build their wealth. Craig, thanks for joining me today and welcome to the ASX Briefs podcast.

Craig Keary

Thank you, Andrew. I'm really great. It's great to be here and thanks for having me on.

Andrew Musgrave

No problem at all. Now, before we look at your recent results, it's probably a good starting point for listeners that may be unfamiliar with Raiz. Do you want to just provide a brief overview of the company?

Craig Keary

Yeah, so Riaz is obviously ASX listed. We've been around for over 10 years. We started as a micro investing platform, but we're certainly more than that now. I'd like to think of us as a wealth platform for all Australians. And as I said, we've continued we've been around for 10 years, and we've got a range of different you know solutions that we provide our customers.

Andrew Musgrave

Now, looking at your recent quarterly, you only started a CEO on the 1st of June, and the recent results show active customers up 6.7% year on year to over 350,000, with over 11,000 new customers added in the quarter alone. What's driving that growth and how are you thinking about the momentum you've inherited?

Craig Keary

Yeah, so look, we're in terms of the momentum, it's terrific to think that we've been around, as I said, for 10 years and we've got circa 350,000 customers. We are seeing continued growth in the business. And really that is because we are that platform for everyday Australians. The fact that people can start with as little as $5 and they can invest on a regular basis through us, that's one of the key reasons why we're seeing that growth driver.

Andrew Musgrave

And ARPU was up 12.5% year on year to $86.86, and the average account balance climbed 19.5% to over $6,000. Can you unpack what's behind that revenue per user growth?

Craig Keary

So, there was a there was a fee increase that was put through in the first of August last year, first of August 2025, but also, we're obviously seeing with markets rising you know that that growth in ARPU as well, and that average FUM as well per user is going up as well.

Andrew Musgrave

Now, total FUM reached 2.32 billion, up 27.5% year on year, and 13.8% quarter on quarter, with net inflows of $54 million in the quarter. Within that, Jars portfolios grew 92.7% year on year, and Kids FUM was up 54.4%. What's behind that standout growth in the Jars and Kids segments?

Craig Keary

Look, it's really encouraging to see if I'd maybe start with the Kids' accounts. What we're seeing is parents or grandparents that are really wanting to take a greater interest in their sort of child's or grandchild's financial future, and they're starting them investing early. And it's really great for us to see that happening. And that's just that is a demographic, that is a shift that we're certainly seeing in the market where younger people are sort of starting earlier with their parents or grandparents helping, and then that sets them up well for the future. Equally on Jars, where it allows an individual to sort of select a goal and work towards achieving that goal. In this in this sort of challenging economic environment, particularly with cost of living, we're seeing more and more people looking to do regular saving and work towards achieving their goals. So that's why we're seeing both those sorts of solutions that are really getting growth.

Andrew Musgrave

Now, looking at your superannuation, Raiz Invest Super's moderately aggressive option was ranked number one by SuperRatings in the balanced category for the second consecutive year, delivering a 13.4% return after fees and tax in FY26. And Raiz picked up two WeMoney Superannuation awards this quarter - Digital innovation of the year and excellent rates and fees. So, how important is that recognition to your super proposition?

Craig Keary

Look, it's always terrific to get to get these awards. If I look at the platform that we've got, we've got superannuation, we've got the various different other investing options that people can have. Having a superannuation product is a really important part of our offering. And it's great to be recognized in both in terms of performance, but also being good value for money for our customers.

Andrew Musgrave

Now the Raiz app has had a refresh in the quarter with an updated look and feel. Looking ahead to FY27, you've flagged instant payments for live trading, US listed equities, and direct ASX trading through a single HIN as initiatives in progress. Where are those up to and what should investors expect on timing?

Craig Keary

Look, it's very much work in progress. We've identified that allowing instant payments for live trading is important, equally US trading and Australian share trading. That is work in progress. We will talk more about that in the full year results in terms of what are the go-to-market plans for those solutions.

Andrew Musgrave

You've also flagged a renewed focus on customer acquisition, onboarding, conversion, and activation, including developing AI capabilities and expanding partnerships alongside a board-led strategic review of marketing and brand position. What prompted that renewed focus and what does success look like?

Craig Keary

Yeah, so if I look at the business, there's lots to be proud of. The fact that we do have 350,000 customers and, and as you said, over $2 billion of FUM. But we're very committed to growth. As the new CEO, I'm very focused on growth. I'm very focused on making our solution available to more and more Australians. And in order to do that, you know, it's important for us to look at the customer acquisition approach, what we're doing with respect to conversion, how we're being positioned in market, because while we did start as that micro investing platform, we are actually a little bit more than that now. So, it's getting that market positioning right and that really strong focus on driving the growth through disciplined execution in the business.

Andrew Musgrave

And taking a macro view of the business, you've talked about wanting to strengthen project delivery and leadership capability across the business as you execute this growth strategy. What does that look like in practice and how do you want the culture at Raiz's to evolve?

Craig Keary

Thank you. Look, the word that I used from the very first day that I started at Raiz was ambition. Ambition for our customers. Our customers join Raiz because they've got ambition, and they want to see their wealth grow. Our shareholders want to see Raiz be ambitious because they want to see shareholder growth. And equally, obviously, our employees want to work in a company that's growing. So, ambition is a really important part of what I'm trying to frame in the culture, which will set us up, I think set us up well for that growth and set us up well for being the best that we can possibly be with that disciplined execution. We do have an ambitious product roadmap, and as a result of that, it's important that we actually have that discipline and strong project management to deliver that.

Andrew Musgrave

And just touching on the financials and looking ahead, cash balance sits at 15.4 million. You've confirmed FY26 EBITDA guidance of 4.5 million to 5.5 million. With that balance sheet strength, the customer and FUM momentum and FY27 product roadmap you've outlined, what should shareholders be watching out for over the coming quarters?

Craig Keary

Thank you. So, the first one is it is that continued growth. As a leadership team, we're very focused on that growth focus. We've also flagged that we are open to MA opportunities that may enhance our distribution or accelerate our product roadmap. That is something that we are open to. But for me, in over the next few quarters in particular, it is really focused on that sort of that project delivery and the growth momentum in the business and improving our focus around acquisition and conversion and retention.

Andrew Musgrave

Okay, Craig, thanks for joining me today. A strong quarter of customer and FUM growth, award-winning super products, and a clear FY27 roadmap to unpack in the quarters ahead. Plenty happening at the company. We wish you all the best, and we look forward to further updates in the upcoming months.

Craig Keary

Andrew, look, thank you very much for having me. It's really great to be able to talk about Raiz.

Andrew Musgrave

That concludes this episode of ASX Briefs. Don't forget to subscribe, and we look forward to catching you on our next episode.